It's the ultimate American Dream. Build a house from the ground up and create a home that is uniquely yours. Pick out the model, the trim, the paint colors, the carpet. As if there weren't enough to think about - now there's another wrench in the works. Builders are going bankrupt.
Big or Small - no builder is immune from the crunch of our current economic crisis. But not all builders are created equal. Just like homeowners -some are fine and some have overextended themselves. They have too many homes built, too much money out on materials, too many loans. Last year one of Illinois Biggest Builders "Newuman Homes" went bankrupt. Reading the headlines is like watching a soap opera. What happens to the earnest money? What about the the warranty? The Parks? The Roads? Yes - who will finish building the roads.
So what can you do protect yourself as a prospective home buyer? Now more than ever - it's time to do your homework - or let your REALTOR do it for you ;) - here are a few tips:
Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com
Real Estate Short Sale
Up And Down And All Around
End Becomes The Means.
REAL ESTATE SHORT SALE
Real estate agents - we either hate them, love them - or don't understand them. Short Sales are a necessary evil in todays market - another way to generate leads and close sales. But unlike a traditional sale - we often find ourselves deeply involved in someone elses financial matters. It means gathering very detailed info about how much homeowners make, what they owe and to whom. It means working with people at one of the toughest points in their lives. No matter what you think - there is no "One Size Fits All".
Homeowners - the short sale is seen as as a life raft.....a last ditch effort to stop the bleeding. Again - it's a necessary evil. It is usually just one domino in the financial picture - with other problems lurking beneath the surface. It seems the more of these I do - the more questions I get asked. The answer is always the same "It Depends". Depends on the lender, the homeowner, the loan, whether Pluto is rising...the list goes on.
If you've got the stomach for a roller coaster - perhaps you can survive a short sale. Whether you're a homeowner or a real estate agent - it won't be easy. Perhaps one of the most common questions I get asked is "How long will it take". Well.....it depends. Here's a timeline of a short sale I closed last week.
UP AND DOWN AND ALL AROUND
Feb 20th, 2008 - received a short sale lead, started contacting homeowner.
March 3, 2008 - Foreclosure Proceedings started at county.
March 17, 2008 - Preliminary Title Search done.
March 27, 2008 - Listed the home for sale at $149,900, Completed Short Sale Documents
March 28, 2008 - Short Sale package sent to negotiator.
March 31, 2008 - Additional Short Sale Docs. Sent to negotiator.
April 9, 2008 - Authorization to release info sent to lender
April 10, 2008 - Price reduced to $139,900
May 07, 2008 - Price reduced to $129,900
May 31, 2008 - Price reduced to $119,900
June 6, 2008 - Court date - lender receives foreclosure judgement for $168k .
June 09, 2008 - Price reduced to $99,900
June 13, 2008 - Multiple Offers Received
June 17, 2008 - Cash Offer Contract Accepted, contingent upon 3rd party approval (lender)
June 18, 2008 - Signed contract sent to negotiator.
June 19, 2008 - Negotiator prepares HUD with all closing cost figures
June 25, 2008 - Short sale Package sent to lender, waiting game begins.
July 7, 2008 - Loan Rep. Assigned by lender
July 7, 2008 - Approval postponed due to previous Loan Modification started.
July 15, 2008 - Appraisal Ordered by Lender.
July 19, 2008 - Appraiser visits property.
Aug 18, 2008 - Property Appraises at $99,900
Aug 18, 2008 - Conditional Approval of Short Sale Received from Lender
Sept 5, 2008 - Property closes & funds same day.
MEANS BECOMES THE END
For both homeowner and Realtor - closing is the goal. For the lender - it's all about numbers. As a general rule - it seems like lenders are looking for 80-85% of current market value. Again, it depends on the lender. In this scenario - after closing costs, commissions, etc. the lender ended up receiving a little over $83k - that's about 83% of market value (according to the appraisal). But compared to the judgement - the lender received only about 50% of the judgement they received/amount owed. From the very beginning - I thought that $99k might be a good motivating price. But there were no comps for this house. It was a 1 bedroom home, backing to the railroad tracks in a small town. If I had put the property on the market at $99k and sold it in a week - I'm not sure the lender would have accepted the deal. In this scenario I was at least able to show that we tried to sell it at a higher price.
Because I was using a third party negotiator in this transaction -these are the dates as best as I can reconstruct them from faxes, emails, contracts, etc. So many speedbumps appear in the process that you can't pin the blame on one person. It took over a month for the homeowner to agree to list the home for sale. It took nearly 3 months just to get an offer on the table - and that took multiple price reductions. It took just under 2 months to get an acceptance of a CASH DEAL from the lender.
Bottom Line - we got it done. Bring on the next one ;)
Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com
This weekend I had the opportunity to tour "The Townes at Creekside" in Romeoville. This is a new construction community just off Weber Rd. that is in the final stages of completion. The Townnes is a Pasquinelli community of nearly 200 townhomes arranged around a central circular drive.
As with most builders, Pasquinelli is offering some great incentives if you use their preferred lender Washington Mutual. In some cases - the discount is over $30,000!!!
One of the great deals they have their is a 3 bedroom, 2 bathroom townhome with a basement.
There aren't a lot of upgrades in this unit but it's one of the few in the community with a basement. The regular price is $239,514 - but if you use their lender you can purchase it for $207,000. That's a savings of over $32,000 dollars!
If you'd like more information including floor plans and pricelists give me a call at 630-846-4663 or just drop me an email.
Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com
I was out mowing the lawn today and couldn't help but pause to look at my house. I realized that I don't usually stand on the sidewalk and just look at my house. Do you? So I walked up and down the sidewalk looking at my house from different angles - like a buyer driving by would.
It's important to remember - the first tme a buyer sees your house, they will probably be driving by. In two or three minutes they will form a lasting first impression. Will they turn around and drive by again? Will they call an agent to schedule a showing? Will they write down that phone number and call for more information? As a seller - you want the answer to all those questions to be YES. Here are a few tips on how you can stage your home from the curb:
Tracking the Real Estate Market in Oswego, Montgomery, Yorville & Aurora.
Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com
As of last week, the new Oswego Village Hall is open! It's a beautiful brick structure at the corner of Rt. 31 & Washington in Downtown Oswego. This Saturday from 8:00am - 11:00am you ca have breakfast with the Village President and Village Board. Coffee, Pastries and a tour will be a great way to start out your Saturday morning. The street address of the new village hall is 100 Parkers Mill, Oswego IL. 60543.
Bo Buchanan, Kettley Realtors 58 Chicago Rd, Oswego IL. 60543 (630) 846-4663
IllinoisHouseHunter.com|OswegoHouseHunter.com|MontgomeryHouseHunter.com|YorkvilleHouseHunter.com
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I run Blue60.com - a directory of resources for Real Estate Professionals. Grow your businss with Blue60.com. I'm also a Realtor serving Oswego, Naperville, Montgomery, Aurora, Plainfield, Yorkville
What we do
Blue60.com is a directory of resources for Real Estate Professionals. We have put together a directory of websites with products and information specific to the real estate industry. Our directory is 100% human edited and maintained. That means there is no automatic inclusion of links from useless or unrelated websites. Each resource in our directory has been approved by an editor and only included when the website offers value to the real estate industry. We include both free and paid links in our directory - both must meet the same quality standards.
For Real Estate Professionals
Links in our directory are organized by category. You can also search by keyword and/or state. Through our daily blog we aim to offer relative information that will help make your job easier. If you have a suggestion for a link that should be inlcuded or you would like to offer a suggestion for our website, please don't hesitate to contact us.
For Advertisers
Blue60.com offers advertisers the opportunity to target their advertising specifically to people in the real estate industry. Professionals using the Blue60.com are looking for information and resources to solve a particular problem/need. As a company offering services to the real estate industry you have the opportunity to reach them when they are actively seeking a solution.
Areas I serve - Search the MLS by clicking here or click on the name of any city below:
My office is located in Oswego, IL. just south of Aurora and West of Naperville. I serve the surrounding areas; Naperville, Aurora, Oswego, Montgomery, Plainfield, Romeoville, Bolingbrook, Lisle, North Aurora, Batavia, Geneva, St. Charles, Elburn, Plano, Sandwich, Yorkville, West Chicago, Wheaton, Warrenville and a few other areas. If you are outside this area I can refer you to someone I know and trust. It's always best to work with a Realtor familiar with your area. I grew up in and around the far west suburbs. I have family in many different towns and I drive through different areas I serve each and every day.
Single Family Residential Homes
I've been selling real estate for nearly 7 years in the far west chicago suburbs. When I started out I bought and sold my own home as well as homes for my sister, cousins, aunts & uncles. It's nice to have a big family ;) Even more importantly, I learned very quickly that it's more than just a house - it's a home. For first time buyers this can be an especially emotional time. Coming from a large family, I understand how different people have different wants and needs when it comes to househunting. I often tell my clients that it may take 2 or 3 trips out in the beginning before they really understand what is important to them. This becomes easier as you buy and sell more homes. As a Realtor I also think it is important to know the communities you work in. I only work in Kendall, Kane, Dupage, Will & Dekalb counties - and not all cities in those counties. If you are looking for someone in area I don't serve - I will be happy to refer you to someone I know and trust.
Multi Unit Apartment Buildings
Small apartment buildings often represent the first forage into investing for many would be real estate moguls. My first home was actually a 5 unit apartment building in Chicago. Apartment buildings offer a unique set of concerns that are different from other types of real estate. You need to learn about rental contracts, deposits, local ordinances, etc. Do you know which cities require a yearly inspection of rental property? Do you know if that basement apartment is legal? These kinds of things will affect your real estate down the road. You don't want to buy a 3 unit apartment building only to discover the basement apartment is illegal? If you're working with an agent to buy/sell apartment buildings - shouldn't you work with someone who is an investor themself? I have been an investor since before I became a Realtor and I'm always excited about helping someone put their money to work.
Short Sales/Pre-Foreclosures
The buzz word in todays market is "Short-Sales". A short sale is when a seller is selling their house for less than they owe. Typically, this means the bank is taking a loss. But less of a loss than if they were to foreclose. For buyers - this represents an excellent opportunity to get a good deal. Whether you're buying or selling a short sale home - you don't want to be the test run for an agent that's never done one. Did you know that nearly 80% of short sales are rejected by the banks? After learning the hard way over the last two years - I've put together a team of experts that gives you the best possible option of completing a short sale. When putting together a short sale, the "Short Sale Package" is an important part of the preparation you must make to get your short sale approved. I've teamed up with a national short sale processing company that regulary works with all the banks. Using paperwork created to make the bank happy - and short sale negotiators who know what the banks want to see - I've got over an 80% approval rate for short sales. For more information on short sales visit my website at http://www.IllinoisHouseHunter.com/
Foreclosures/Bank-Owned/REO
When a bank takes back a property it is called REO or Real Estate Owned in the industry. This means the bank now owns the property, manages it, pays for repairs and puts the home on the market. When these properties are placed on the market they are vacant and often times in need of repairs. In addition - the banks are typically allowed to accept multiple offers. If you can stomach the wait - sometimes 3-6 weeks, you might just wait out the competition and get a good deal. For more information on Foreclosures please visit http://www.IllinoisHouseHunter.com/
With over 10 years experience in the media, I am always looking for creative ways to market properties and meet my customers needs. Video is one of the biggest tools starting to change the real estate industry. With my background in Television, it just makes sense to take advantage of this great tool.
MARKETING BACKGROUND
Over 10 years experience in Radio, Television & the internet has given me a thorough understanding of how to get a message across to an audience. Now I use these unique skills to help people buy and sell houses.
INVESTMENT EXPERIENCE
As an investor and homeowner myself, I have a thorough understand of the needs of both Homeowners and investors. I'm always happy to share my own experiences and background if it will help you meet your needs.
BA in Communications from the University of New Mexico in Albuquerque, New Mexico.
Member, National Association of Independent Landlords
Member, Chicago Creative Investors Association
Member, National Association of REALTORS
Member, Illinois Association of REALTORS
http://www.illinoisrealtor.org/
e-PRO Technology Certified
Other Awards:
Eagle Scout Award, Boy Scouts of America
Emmy Nomination 1996, 1997, 1998
A Kettley Realtors Top Office Salesman for 2004
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